Saudi Arabia requires collective efforts to successfully implement Widespread Framework on debt reduction

by ADeeL

Saudi Gazette report

MARRAKECH — Saudi Minister of Finance Mohammed Aljadaan has sought collective efforts for the efficient implementation of the Widespread Framework.

He made the remarks whereas collaborating in a high-level seminar titled “Reform Priorities for Tackling Debt,” held as a part of the 2023 World Financial institution Group and Worldwide Financial Fund Annual Conferences on Thursday in Marrakech, Morocco.

Attended by finance ministers, central financial institution governors, and heads of worldwide and regional organizations, the seminar targeted on methods to reinforce the resilience of low-income international locations in opposition to debt dangers. The discussions emphasised home reforms to stimulate financial progress, refine expenditure insurance policies, increase home income mobilization, and fortify debt administration.

Minister Aljadaan, in his handle, make clear Saudi Arabia’s dedication to enhancing sustainability of public debt in low-income international locations.

He highlighted initiatives launched throughout Saudi Arabia’s G20 Presidency in 2020, together with the Debt Service Suspension Initiative (DSSI) and the Widespread Framework Initiative.

Aljadaan emphasised that the Widespread Framework inclusivity is essentially the most complete mechanism to have interaction all stakeholders in offering impactful debt reduction.

He referred to as upon related worldwide organizations to supply essential assist to international locations in want, aiding them in navigating the challenges posed by excessive borrowing prices and public debt.

Collaborating within the seminar had been key figures reminiscent of IMF Managing Director Kristalina Georgieva; World Financial institution Group President Ajay Banga; Zambia’s Minister of Finance and Nationwide Planning, Dr. Situmbeko Musokotwane; and Anna Gelpern, Professor of Legislation and Worldwide Finance at Georgetown College.

The panelists underscored the essential want for elevated worldwide neighborhood assist by concessional financing. Moreover, they emphasised the significance of refining sovereign debt restructuring processes to make sure well timed and predictable debt reduction.

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